Scott Bessent

So I believe that once we...

anchored to the target, then we could talk about a range.

And we could decide whether the range is from 2.5 to 1.5.

Is it from 1 to 3?

But I think it's very difficult to re-anchor until you meet the target and maintain credibility.

Well, I think many of them have already come out and said that they do want to shrink it both as the footprint of the institution and the economy, but shrink the institution itself.

The Fed does not, as we talked about earlier, the Fed does not rely on appropriations.

The Fed just prints its own money and it has its own budget.

And as I talked about in the article, it has its own police force, it has its own...

We've seen the big cost overruns at the building here in D.C.

If Treasury, we're looking at new buildings for the men of the Bureau of Engraving.

If we had that kind of cost overrun, I can guarantee you that I would be up in Capitol Hill getting a well-deserved earful.

Yeah.

So...

But each one of them has talked about moving back toward the more traditional Fed role, just getting the Fed back into the background.

It wasn't meant that the market and the economy and the American people were supposed to hinge on every word.

It was supposed to be a predictable process, I think.

Many of them have talked about getting rid of this so-called dot plot, the summary of economic projections.

They've talked about what should we do with the regional banks.

And no one's talking about getting rid of them or the regional bank presidents, but